CITIC SEC's research reports stated that from the content of the second quarter meeting of the Monetary Policy Committee, the main expressions continued the direction of the first quarter monetary policy report and the first quarter meeting. Currently, the 'supportive' monetary policy is in the stage of effect observation and cautious decision-making. In the next stage, it is recommended to pay attention to the effects and results of the adjustment of real estate and financial policies in the short term, and also to pay attention to the optimization process of the monetary policy framework such as intermediate variables of monetary policy, policy interest rate control mechanisms, and basic currency injection methods in the medium and long term. In terms of sector investment, the multi-party policy force in the early stage is helpful to improve the bank's risk expectations, and the bank's stock valuation is further supported by fundamentals, further consolidating the certainty of dividend income space. As for individual stocks, two main lines are recommended: 1) Steady foundation, large banks with high dividends and small valuation fluctuations under product logic have more allocation value; 2) Growth attack: under the growth logic, companies with sustainable alpha have more potential for valuation improvement.